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- 00:28:36.6 Thank you. I have two questions about IAB and the backlight business respectively. In the table showing the segment sales forecasts, you have lowered IAB revenues but can you talk about what has changed in your underlying view within IAB on a regional basis? The reason why I ask is I believe you initially had a relatively high target for the domestic business. With the domestic revenues turning to positive growth in Q2, I would like to know more about your forecast for the domestic IAB business. Also, if you look at the Q2 operating income for IAB, it is almost in line with last year’s level, so I would like to know how the forecasts for IAB have changed when broken out in to domestic and overseas. I don’t need to have granular data but if you could provide some color that would be very helpful.
- 00:29:35.4 I may ask the management team to provide additional comments. For IAB, China was strong in 1H. Europe, although it is still in the midst of a recovery process, was also relatively solid. The region that lagged was Japan, partly as a result of yen appreciation. As I noted earlier, corporates appear to be holding back on investments for upgrades to existing facilities. That said, we expect to see a recovery in 2H, led by the auto industry. This has been reflected in the revised forecasts.
- 00:30:17.2 Can I interpret your response to mean that you are assuming 2H revenues for IAB will be up YoY?
- 00:30:24.6 Well, there are some differences between local currency and yen growth rates.
- 00:30:30.0 I am specifically asking about Japan.
- 00:30:32.2 Then I would say yes.
- 00:30:34.3 (Nitto) On 2H for Japan, we are seeing a recovery but at the same time customers in industries like auto remain very cautious on upgrade or kaizen investments. The picture is mixed, with investments related to new car models coming through but restraint in other investments. What I can say is that revenues are unlikely to be down YoY but the scale of the YoY improvement is likely to be modest.
- 00:31:05.4 Understood. Thank you. I estimate that you had been projecting 3-4% YoY growth for IAB in Japan, so what you as saying is that you have lowered your expectations from your initial figures.
- 00:31:11.2 (Nitto) Yes.
- 00:31:13.7 Thank you. For the backlight business, you took the decision to write down the manufacturing facilities. Can you talk about the thought process that led to this decision? Also, to date you had talked about your expectations for broader adoption of high performance backlights. As CEO, can you discuss the timing of your decision in the context of this view?
- 00:31:35.8 This fiscal year, we had been aiming to get this business into the black. Unfortunately, that no longer appears to be possible. We are not proposing to exit the LCD backlight business, but instead will focus on business optimization. The single biggest reason behind our decision to recognize an impairment loss was the decline in unit prices. High performance backlights, which is our area of strength, were hurt by falling prices and the resulting deterioration in supply-demand for the overall smartphone market. This significantly dragged down unit prices in the high-end of the market as well. I believe that we will see a recovery in demand in LCD modules in future but we do not expect to see selling prices revert to previous levels. This is the assumption that prompted us to take the impairment charge.
- 00:32:49.5 Thank you.
- 00:32:53.2 Next person please.
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